Two Russian Crypto Laws Could Roll Out in June – Here’s What You Need to Know About Them
Russian lawmakers could finally end the country’s long wait for crypto regulation – with two bills reportedly ready for adoption as early as June.
One will seek to permit the use of crypto in overseas payments.
The other will deal with the legalization of crypto mining.
Crypto regulation’s progress in the State Duma has stalled on multiple occasions in the past.
This is due mainly to a large rift between pro-industry government ministries, who have pushed for crypto regulations, and the anti-crypto Central Bank.
President Vladimir Putin has previously called on the parties to resolve their differences.
But these calls have been to little avail.
After several false starts, however, it seems lawmakers are ready to try again.
Interfax reported that a “group of MPs” had submitted a bill to the Duma’s lower house.
The bill proposes the launch of a Central Bank-regulated “experimental platform for the use of cryptocurrencies and digital financial assets (DFA) in international settlements.”
In Russian legal terminology, the term DFA has variously been used to describe stablecoins, conventional cryptoassets, central ban-run tokens, and tokenized assets.
One clause in the bill explains that coins and DFAs will be approved as a “means of payment” that is subject to the “regulation of” the Central Bank.
The bank’s long-serving Governor, Elvira Nabiullina, recently said that she was prepared to sign off on the “experimental” use of crypto in “external [overseas] settlements.”
Interfax quoted her as speaking in the Duma about the creation of “special authorized organizations” that would allow “miners to sell [coins].”
Nabiullina said:
“We want see how such a system will work.”
With international sanctions taking their toll on Russian trade, Moscow
Read more on cryptonews.com
